This chapter of the NCERT accountancy book class 12 PDF discusses how the accounts are dealt when two or more parties or entities agree to be worn in a partnership. The chapter begins with the definition of Partnership deed and its importance. The chief characteristics of a business partnership are also enlisted in this chapter.
The mechanism of fixed capital and fluctuating capital in terms of a partnership account is detailed in this chapter of the NCERT class 12 Accountancy Book. Profit and loss adjustments account, different provisions of the Indian Partnership Act 1932, interest to be charged when a partner draws income, a guarantee of profit to a partner, dealing with change in profit sharing ratio, etc. are some of the other contents of the 2nd chapter.
The mechanism of fixed capital and fluctuating capital in terms of a partnership account is detailed in this chapter of the NCERT class 12 Accountancy Book. Profit and loss adjustments account, different provisions of the Indian Partnership Act 1932, interest to be charged when a partner draws income, a guarantee of profit to a partner, dealing with change in profit sharing ratio, etc. are some of the other contents of the 2nd chapter.
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